The change of the board of directors of the gold-mining Petropavlovsk, which took place in June on the initiative of Renova Viktor Vekselberg and minority investors-investment funds, led to the second resignation. Following Peter Hambro, his second co-founder and general director Petropavlovsk Pavel Maslovsky adds his powers. Who will lead the company, has not yet been reported.
Co-founder of the gold-mining Petropavlovsk Pavel Maslovsky left the posts of the general director and a member of the board of directors, the company said. "I decided that it was time to give in to the management of the new management," Mr. Maslovski said, adding that he plans to remain a shareholder in Petropavlovsk and assist in the transfer of management to the new CEO. In the near future, the candidacy of the general director will be announced, but his name, as well as candidates for permanent office, are not yet disclosed either by the company or its key shareholder - Renova Group Viktor Vekselberg (22.34% of shares and potentially 6.88% Convertible bonds).
Mr. Maslovsky leaves the management of Petropavlovsk after most of the company's shareholders voted in late June to replace four of the six members of the board of directors, including its second co-founder Peter Hambro, who headed the board for 23 years. The proposal came from "Renova" and three funds, jointly owning more than 47% of shares, which claimed that the council "is not sufficiently focused on corporate governance". As a result, the board was headed by former top manager of BHP Billiton Ian Ashby. Up to the beginning of July, over 10% of Petropavlovsk belonged to Maslovsky and Khambro, which were mortgaged by a series of put options to the Asia-Pacific Bank (businessmen and their family members - its co-owners), but they expired at the end of June, and now the parties are negotiating new Options. Whether Renova and the funds offered to buy shares of Petropavlovsk co-founders was not disclosed, although in an interview with Bloomberg in May Peter Hambro called the plans of this group of shareholders "seizure of control" through representatives on the board of directors instead of repurchasing shareholdings with a premium. Publicly commenting on his removal from the council, Mr. Hambro stressed that none of the new directors even appeared at the meeting of shareholders.
Kommersant sources familiar with the situation said Renova plans to get control in Petropavlovsk, and then merge the company with its Gold of Kamchatka, and in the future with Highland Gold from Roman Abramovich and GV Gold. But a number of other interlocutors of Kommersant, close to these companies, insisted that it was "market speculation."